Enteral Feeding Devices Market Is Predicted To Reach USD 2,720.8 Million By 2020: By Grand View Research, Inc.
The global enteral feeding devices market is expected to
reach USD 2,720.8 million by 2020, according to a new study by Grand View
Research, Inc. Growing global base of geriatric population and increasing
prevalence of chronic diseases such as diabetes mellitus and pre-term births
are some key factors expected to drive market growth over the next six years.
The introduction of cost effective, portable and technologically advanced
products such as low profile gastrostomy devices is also expected to accelerate
the market penetration rates of these devices in emerging Asia Pacific and
Latin American markets. Furthermore, the establishment of initiatives such as
Stay Connected 2014 aimed at elevating user and patient awareness levels and facilitating
the use of safety measures in the enteral feeding process is expected to
present significant growth opportunity for industry participants.
Enteral feeding pumps dominated
the overall market in terms of revenue share on account of their high market
penetration and usage rates, with market revenue estimated at USD 1,115.3
million in 2013 and expected to grow at a CAGR of 6.4% from 2014 to 2020.
Enteral Feeding Devices market
revenue share by product, 2012
Browse full research report on
Enteral
Feeding Devices Market
Further key findings from
the report suggest:
- Europe was
the largest regional market, with estimated revenue of USD 634.2 million
in 2013. The presence of high prevalence of diabetes mellitus and other
chronic disorders affecting the gastrointestinal system and a large base
of geriatric population in this region attributes to its large market
share.
- North America
followed Europe in terms of revenue share in 2013 at over 30.0%. High
patient awareness levels, sophisticated healthcare infrastructure and high
healthcare expenditures are some of the factors expected to serve this
market as drivers.
- Asia Pacific
enteral feeding devices market is expected to exhibit the highest CAGR
over the next six years owing to attributes such as the presence of high
unmet medical needs, constantly improving healthcare infrastructure and
patient awareness levels in countries such as India and China. Its market
is expected to grow at a CAGR of 6.7% from 2014 to 2020 to reach USD 770.6
million by 2020.
- The demand
for percutaneous endoscopic gastrostomy devices and nasogastric tubes is
expected to grow at a CAGR of over 5.6% and 5.2% from 2014 to 2020,
respectively. Gastrostomy tube market revenue is expected to reach USD
206.3 million by 2020.
- Key industry
participants include Abbott Nutrition, Danone, Nestle, Fresenius, Boston
Scientific Corporation, Kimberly Clark Corporation, Covidien Plc and
Conmed Corporation.
For
more information: http://www.grandviewresearch.com
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